Hansell’s SB 498 is due for a vote Tuesday
By Terry Murry on Monday, June 19th, 2023 in Columbia Basin News More Top Stories
SALEM – It’s back to business for Oregon Senate Republicans, and Sen. Bill Hansell (R-Athena) is hoping that will mean the passage of Senate Bill 498.
“It would make the exemption for estate taxes much easier for our farm, forestry, and fisher families,” he said.
The bill is committed to land that is used for natural resources. That includes fishing, farming, ranching, and foresting. It would make any such property held for a year or more before the death of its owner exempt from the tax imposed if the asset is turned over to one or more family members.
The Senate Finance and Revenue Committee held hearings and work sessions on the bill, which is sponsored by Hansell. From there it went to the floor of the Senate with a recommendation to pass it. It’s second reading before the Senate was last Friday. Hansell said passing such land along to the next generation is important.
“It’s a good bill,” Hansell said. “We worked hard at it and that’s one of the bills that is on the docket.”
The bill, now before the full Senate, is scheduled for a vote on Tuesday.
